South Korea Gets Priority Oil Supply from UAE Amid Energy Crisis

South Korea has reached an agreement with the United Arab Emirates (UAE) for the delivery of priority oil amid an energy crisis due to the blockage of the Strait of Hormuz for shipping.

The Presidential Chief of Staff and Special Envoy for Strategic Economic Cooperation of South Korea (South Korea) Kang Hoon-sik said the agreement was reached in a meeting between officials of the two countries.

The meeting discussed concrete cooperation steps amid the Middle East crisis and efforts to increase trust between partners and long-standing allies, Kang said.

During his visit to the UAE, he delivered a personal letter from South Korean President Lee Jae-myung to UAE President Mohammed bin Zayed Al-Nahyan, which expressed concern about the situation in the Middle East as well as support for the UAE people.

The visit resulted in an energy deal, in which the UAE promised to prioritize oil supplies to South Korea amid the global oil crisis, Kang said.

"It is written clearly: 'No country will accept oil before South Korea. South Korea is the top priority for oil supplies,'" he said, quoted by ANTARA from Sputnik, Thursday, March 19.

He explained that 70 percent of South Korea's oil imports were shipped through the Strait of Hormuz, which is now closed. Therefore, Seoul is trying to find alternative routes, and the two parties agreed to urgent imports with a total of 18 million barrels of oil to be delivered through various routes.

Through the agreement, oil shipments will be carried out by tankers from the UAE and South Korea. Three UAE ships carry 6 million barrels and six South Korean tankers carry 12 million barrels.

Kang confirmed that a tanker was on its way to South Korea.

"The previous delivery reached 6 million barrels, so the total emergency oil supply obtained by South Korea from the UAE now reaches 24 million barrels," he said.

Both parties also agreed to explore long-term cooperation, including a memorandum of understanding related to the oil supply chain to identify alternative shipping routes and joint coordination amid global energy disruption.

Kang Hoon-sik also expressed his gratitude to the leaders of the UAE for ensuring the safe return of South Korean citizens from the Gulf region.